U.S. Natural Gas Prices Continue to Adjust Amid Global Market Volatility

19:28; 21 July 2026 year

### Two Global Hubs Determine Natural Gas Prices: Henry Hub in the US and TTF in Europe Two major global hubs determine the price of natural gas, including Russian gas: Henry Hub in the United States and the Dutch TTF (Title Transfer Facility) in Europe. - **Henry Hub (US Market):** The current price saw an increase to $2.9 per million BTU (British Thermal Units) on Tuesday. - **TTF (European Market):** The current price corrected to $700 per 1,000 cubic meters. #### 1. Natural Gas in the US The benchmark price for natural gas in the US is set at Henry Hub, located in Louisiana. #### 2. European Gas European gas trading primarily takes place at European gas hubs, with the largest being the Dutch TTF Natural Gas. This Dutch exchange is the leader in the European gas market, with trading volumes exceeding the internal gas needs of the Netherlands by more than 14 times. It facilitates the sale of approximately 20 trillion cubic meters of gas annually. It is important to note that gas pricing mechanisms worldwide are diverse. They include: - **Exchange trading (competitive pricing, as seen on TTF in Europe)** - **Oil-indexed pricing (linking gas prices to oil prices)** - **Regulated prices** - **Direct contracts where prices are determined by the balance of supply and demand, influenced by global benchmarks such as gas, oil, and coal prices.** Russian gas prices, particularly for export markets, have traditionally been heavily dependent on oil-indexed pricing but are now more aligned with spot markets and competitive mechanisms, although the link to energy prices remains. This overview was presented by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management at the Higher School of Management, Financial University under the Government of the Russian Federation.

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